Idemitsu Completes Financing for 50 MW Solar Project in California

• Idemitsu Renewables has actually introduced that it has actually closed on debt funding for its 50 MWp Central 40 solar project in Stanislaus County, California.

Idemitsu Renewables, previously Solar Frontier Americas, which is currently the US-based renewable resource company of Idemitsu Kosan Co., Ltd, has actually revealed that it has closed on financial debt funding for its 50 MWp Central 40 solar project in Stanislaus County, California.

Financial obligation financing was supplied by KeyBank National Association. KeyBanc Capital Markets acted as sole arranger of the financing.

" This project increases Idemitsu Renewables' operating company in California," claimed Cary Vandenberg, Managing Director of Idemitsu Renewables. "We enjoyed to build on our existing partnership with KeyBank and also to close an effective purchase even in the middle of the trouble of the existing COVID setting."

The eco-friendly power created by Central 40 will certainly be sold via a power purchase agreement with Silicon Valley Power, which offers the City of Santa Clara.

"As a part of our proceeding assistance for renewable resource, we delight in to sustain the growth of Idemitsu Renewables' solar organisation in California," stated Andrew Redinger, Manager Director & Group Head, Utilities Power & Renewables at KeyBanc Capital Markets.

Lately, we had reported that financial holding business CIT Group through its Power and also Energy system had set up USD 85 million fundings for an 80 MW Pioneer Solar project found in Colorado. It had actually acted as the single lead arranger for funding in behalf of project enroller Idemitsu Renewables. According to the contract, this project will market power to Intermountain Rural Electric Association (IREA), a not-for-profit electric circulation cooperative in Colorado.

In December, then Solar Frontier Americas had actually introduced that it had closed on the tax equity commitment as well as financial obligation funding for its 210 MW Mustang Two solar project in Kings County, California. Located on a 1,400-acre website, the Mustang Two project is presently incomplete and is slated to begin business procedure the syear. As soon as total, the project will be possessed and run by Solar Frontier Americas.